Do new bank rules truly favour a cashless economy?

The new rules by private banks across the country, implemented from March 1, have not gone down too well with customers. According to the new circular issued by the banks, a levy of Rs 150 will be imposed on all transactions after the initial four transactions conducted in any bank branch. ATM transactions however will not be affected by this rule.

So far, HDFC, Axis and ICICI banks have already started implementing the new rules. Mumbaikars we spoke to however are not in favour of this new rule. In today's edition of Mumbai Bole To, we spoke to a cross section of citizens to understand how they feel about this move and whether it gels with the government's idea of moving to a 'less cash' economy.